Macro-prudential policy
Macro-prudential analysis is not fit for task – leading economists
Carney and Honohan warn of fund failures and Hélène Rey calls for better risk indicators
ECB paper presents new approach to modelling LTV caps
Agent-based model’s results show “subprime” segment to eurozone housing markets – researchers
Bulgaria a case study in effective prudential policy – BIS’s Carstens
Country was early adopter of macro-prudential policy, which helped manage capital flows, Carstens says
Fed weighs reforms to stress tests
Powell says tests must evolve; Quarles and Fed watchers present potential improvements
BIS papers weigh up ongoing risks to global stability
Papers from 2018 AGM include contributions from Forbes, Tucker, Gourinchas and Rey
RBNZ accepts criticism on supervision of CBL Insurance
The insurer was placed into full liquidation in November 2018
Russian central bank tries to cut consumer lending
Bank of Russia puts limits on “payday loans” and expresses concern over growth in unsecured loans
Switzerland should tighten macropudential policies – IMF directors
Authorities should strengthen financial regulator and address real estate risks, IMF chiefs say
CNB raises countercyclical buffers as risks build
The central bank stress-tests not only the financial sector but also households and the government
RBNZ review lends support to loan-to-value limits
Macro-prudential tool has been helpful in promoting financial stability, study finds
IMF paper urges central banks to seek wider audience
Central banks could do more to broaden their message, senior official says; financial stability communications still challenging
Bank of Canada warns of corporate debt risks
Annual financial system report notes the growing corporate debt in Canada’s extractive industries
RBNZ: New Zealand’s biggest bank cannot use own risk capital model
New Zealand central bank says ANZ had “a persistent failure in its controls and attestation process”
Don Kohn offers advice on macro-pru under uncertainty
BoE looks at wide range of indicators but could still do more, FPC member says
Swedish governor calls for comprehensive reforms to housing market
Higher house prices boost private debt, which now poses greatest financial risk, adds the governor
Tighter loan-to-value ratios have stronger impact than a reduction
Other regulations might impact the effectiveness of LTV limits, the authors say
Finnish central bank needs more macro-prudential tools – deputy governor
Increased presence of international investors may increase housing market’s volatility – Nykänen
Macro-prudential and monetary policy work well together – ECB paper
Monetary policy can be used to cushion shocks caused by counter-cyclical buffers, researchers find
Carstens says EMEs are right to intervene but must be ‘rigorous’
BIS is “expending a great deal of analytical effort” in understanding the issue, he says
RBNZ paper stresses need to understand global shocks
Analysing global shocks ‘increasingly important’ for central banks, says article
BoE agrees to refine stress-testing in light of review
Independent report says stress-testing is working, but there is room for improvement
Zimbabwe signs agreement with IMF to strengthen macro framework
New agreement will complement government reforms to foster macro stability amid high inflation
Low interest rates adding to high global stability risks – IMF
Monetary policy-makers must look at both short- and medium-term stability risks, says Tobias Adrian
Norwegian deputy issues warning on high private debt
Official advocates gradual reduction of household debt to income, as a sudden shock is a risk